FINANCIAL SERVICES - Business Opportunities in India

For updated information, please visit www.ibef.org November 2020

FINANCIAL SERVICES

Table of Contents

Executive Summary………………….…….3

Advantage India…………………….……....4

Market Overview …………….………...…...6

Recent Trends and Strategies....…….…..16

Growth Drivers and Opportunities……….19

Key Industry Organisations...…….....…....28

Useful Information……….……….......…...30

For updated information, please visit www.ibef.org3 Financial Services

EXECUTIVE SUMMARY

Source: IMF, ICRA, Economic Times, Capgemini Wealth Report, EY report

During FY19, India’s Gross National Savings (GNS) was estimated at Rs. 57.13 lakh crore (US$ 817.43billion) at 29.7%.

Gross national savings near 30% of GDP

The number of Ultra High Net Worth Individuals (UHNWI) is estimated to increase from 5,986 in 2019 to10,354 in 2024.

India’s UHNWIs is likely to expand by 73% in the next five years.

India’s UHNWI population increasing trend

Mutual Fund (MF) industry’s Assets Under Management (AUM) grew from Rs. 10.96 lakh crore (US$156.82 billion) in October 2014 to Rs. 28.22 lakh crore (US$ 361.59 billion) in October 2020.

Mutual fund industry AUM recorded a CAGR of 9.5% during FY07-20. India is considered one of thepreferred investment destinations globally. The Association of Mutual Funds in India (AMFI) is targetingnearly five-fold growth in AUM to Rs. 95 lakh crore (US$ 1.47 trillion) and more than three times growth ininvestor accounts to 130 million by 2025.

Robust AUM growth

In 2019, US$ 2.5 billion was raised across 17 initial public offerings (IPOs).Fundraising via IPOs on the rise

Note: NBFC - Non-Banking Financial Company

Financial Services

ADVANTAGE INDIA


ADVANTAGE INDIA

Rising income is driving the demand forfinancial services across income brackets.

Financial inclusion drive from the ReserveBank of India (RBI) has expanded the targetmarket to semi-urban and rural areas.

Investment corpus in Indian insurance sectormight rise to US$ 1 trillion by 2025.

India benefits from a large cross-utilisation of channels to expand reach of financial services.

Maharashtra has launched its mobile walletfacility, allowing transferring of funds fromother mobile wallets. Maharashtra is the firststate to launch it.

Credit, insurance and investment penetration isrising in rural areas.

HNWI participation is growing in the wealthmanagement segment.

Lower mutual fund penetration of 5-6% reflectslatent growth opportunities.

Government has approved 100% FDI forinsurance intermediaries.

Gold Monetization Scheme, 2015, Atal PensionScheme, Pradhan Mantri Suraksha BimaYojana, and Pradhan Mantri Jeevan Jyoti BimaYojana have been launched to aid growth.

FDI in insurance sector could be increased to74% from 49%.

ADVANTAGEINDIA

Source: IMF, World Bank, KPMG report “Indian Mutual Fund Industry”, Ministry of External AffairsNote: FDI - Foreign Direct Investment, IIM - Indian Institute of Management

Financial Services

MARKET OVERVIEW


SEGMENTS OF THE FINANCIAL SERVICES SECTOR

Source: TechSci ResearchNote: NBFC - Non Banking Financial Company

Financial Services

Asset management

Broking

Wealth management

Investment banking

Life

Non-life

Asset finance company

Investment company

Loan company

Capital markets Insurance NBFCs


ASSETS UNDER MANAGEMENT HAVE MORE THAN DOUBLED SINCE FY08

Source: Association of Mutual Funds - AMFI

As of October 31, 2020, AUM managed by the mutual fund industrystood at Rs. 28.22 lakh crore (US$ 379.68 billion).

Inflow in India's mutual fund schemes via systematic investmentplan (SIP) reached Rs. 82,453 crore (US$ 11.70 billion) in 2019.

Growth in B30 (beyond top 30) cities, sustainability of alpha,alternative investments and regulation norms are expected to shapethe mutual fund industry in the coming years.

16% assets of the mutual fund industry were generated from B30locations in September 2020. Assets from B30 locations increasedfrom Rs. 4.45 lakh crore (US$ 59.65 billion) in August 2020 to Rs.4.47 lakh crore (US$ 60.77 billion) in September 2020, representingan increase of 0.37%.

Visakhapatnam port traffic (million tonnes)Mutual fund assets under management (AUM) (in US$ billion)

CAGR (in Rs.): 12.6%

Note: AUM - Assets Under Management, CAGR in US$ till FY20, Confederation of Indian Industry (CII) Mutual Fund Sector report, *- till October 2020

252.

06 272.

62

331.

42

340.

48

404.

73

379.

68

0

50

100

150

200

250

300

350

400

450

FY16

FY17

FY18

FY19

FY20

FY21

*


CORPORATE INVESTORS ARE BY FAR THE LARGEST INVESTOR IN MUTUAL FUNDS CATEGORY

In FY19, corporate investors AUM stood at US$ 136.59 billion, while HNWIs and retail investors reached US$ 107.55 billion and US$ 90.12 billion,respectively.

As on March 2019, Alternative Investment Funds (AIFs) in India raised to Rs. 134,209 crore (US$ 19.20 million). In December 2019, investmentsby AIFs rose by 53.%, from 2018 to 2019, standing at Rs. 1.4 lakh crore (US$19.04 billion).

MF industry’s AUM grew from Rs. 10.96 trillion (US$ 156.82 billion) in October 2014 to Rs. 25.48 trillion (US$ 361.59 billion) in June 2020.

In November 2019, the Government allocated Rs. 10,000 crore (US$ 1.43 billion) to set up AIFs for revival of stalled housing projects.

Source: AMFI, Money Control, India Private Equity Report 2019 by Bain and Co, Economic Times

Leading AMCs in India (as of Q22020)

40.12%

31.59%

26.47%

1.27% 0.56%Corporates

High NetworthIndividuals*

Retail

Banks/FIs

FIIs

Note: HNWI - High Net Worth Individuals, AMC - Asset Management Company, AUM - Assets Under Management * - individuals investing 500,000 and above

Top 5 AMCs in India AUM (US$ billion)

SBI Mutual Fund 57.40

HDFC Mutual Fund 51.18

ICICI Prudential Mutual Fund 50.13

Birla Sun Life Mutual Fund 32.50

Nippon India Mutual Fund 27.37

Investor breakup as of March 2019 (US$ billion)


INDIAN EQUITY MARKET MEETING THE GOLBAL PACE

Source: National Stock Exchange, SEBI

Indian stocks markets, S&P Sensex and Nifty50, rose 17 and 15%respectively in FY19.

The number of companies listed on the NSE rose from 135 in 1995 to1,942 by the end of May 2019.

India has scored a perfect 10 in protecting shareholders' rights on theback of reforms implemented by Securities and Exchange Board ofIndia (SEBI) in the World Bank's Ease of Doing Business 2020 report.

2,219

2,3652,279

1,942

1,516

0

500

1,000

1,500

2,000

2,500

Australian SE Hong KongSE

Korea SE NSE India Shanghai SE

Listed companies on major stock exchanges in Asia-Pacific countries (as of May 2019)


VIBRANT CAPITAL MARKET EVIDENT THROUGH LARGE NUMBER OF LISTINGS

Companies listed on NSE and BSE Amount raised by IPOs (US$ billion)7,

719

7,65

1

7,50

1 7,58

6

7,40

3

7,200

7,300

7,400

7,500

7,600

7,700

7,800

FY16

FY17

FY18

FY19

FY20

Source: SEBI, EY, ICRA

Note: FII - Foreign Institutional Investors, NSE - National Stock Exchange, SME - Small and Medium-sized Enterprises, BSE - Bombay Stock Exchange, India IPO Market Insight report by EY

In FY20, the number of listed companies on NSE and BSE were 1,942 and 5,461, respectively.

In 2019, US$ 2.5 billion was raised across 17 initial public offerings (IPOs).

0.19 0.47

2.31

4.54

13.09

2.85

0

2

4

6

8

10

12

14

FY14 FY15 FY16 FY17 FY18 FY19^


219,

000

226,

000

200,

000

255,

000

256,

000

263,

000

-

50,000

100,000

150,000

200,000

250,000

300,000

2014 2015 2016 2017 2018 2019

WEALTH MANAGEMENT: AN EMERGING SEGMENT

The number of HNWIs in India reached 263,000 by end of 2019.Between 2014 and 2019, number of HNWIs in India saw a steadyrise, growing at a CAGR of 3.9%. By end of 2025, global HNWIwealth is estimated to grow to over US$ 100 trillion.

HNWI households grew at an even faster rate till 2019, growing at aCAGR of about 21.5%.

Advisory asset management and tax planning has one of the highestdemand among wealth management services by HNWIs. This isfollowed by financial planning.

India is expected to be the fourth largest private wealth marketglobally by 2028.

Visakhapatnam port traffic (million tonnes)Number of HNWIs in India

Source: World Wealth Report by Capgemini, Asia Pacific Wealth Report 2020 by Capgemini Note: HNWI - High Net Worth Individuals


THE LIFE INSURANCE SEGMENT HAS GROWN SIGNIFICANTLY IN RECENT YEARS

The first year premium of life insurance companies reached Rs. 2.59 lakh crore (US$ 36.73 billion) in FY20.

Source: IRDA

Major private players in the life insurance segment in FY20

Name Total premiums (US$ billion)

HDFC Life 2.47

SBI Life 2.35

ICICI Prudential 1.75

Max Life 0.79

Bajaj Allianz 0.73

Life insurance Premium (US$ billion)

21.5

27.2 30

.1

30.7

37.0

35.3 37

.7 41.0

42.0

30.6

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

FY16 FY17 FY18 FY19 FY20

New Business Premium Renewal Premium


NON-LIFE INSURANCE SEGMENT HAS BEEN RISING AS WELL

Non-Life insurance premiums reached Rs. 1.89 lakh crore (US$27.09 billion) during FY20.

During FY16-FY20, increase in non-life insurance premiumswitnessed a CAGR of 16.01% .

Visakhapatnam port traffic (million tonnes)Non-life insurance premiums (US$ billion)

Source: IRDA, General Insurance Council

14.95

19.89

23.3824.32

27.09

0

5

10

15

20

25

30

FY16 FY17 FY18 FY19 FY20


5.65

6.10

4.95

5.86

-

1

2

3

4

5

6

7

8

FY16 FY17 FY18 FY19

NBFC: GROWING IN PROMINENCE

Non-banking financial companies (NBFCs) are rapidly gainingprominence as intermediaries in the retail finance space

NBFCs finance more than 80% of equipment leasing and hirepurchase activities in India

The public deposit of NBFCs increased from US$ 0.29 billion inFY09 to US$ 5.86 billion in FY19.

There were 9,659 NBFCs registered with the RBI as on March 31,2019.

In November 2019, Aditya Birla Finance Ltd became the first NBFCto list its commercial paper borrowing of Rs. 100 crore (US$ 14.31million) on bourses.

Visakhapatnam port traffic (million tonnes)NBFC Public Deposit (in US$ billion)

Source: RBI, Microfinance Institutions Network (MFIN)Note: NBFC - Non-Banking Financial Company, * - as per latest data available

Financial Services

RECENT TRENDS AND STRATEGIES


RECENT TRENDS

Source: Capgemini, Credit Suisse, Crisil, The Economist Intelligence Unit commissioned by payments company Visa

New distribution channels such as bank assurance, online distribution and Non-Banking Financial Companies(NBFCs) have widened the reach and reduced operational costs.

Most general insurance public companies are planning to expand beyond Indian markets, especially in South-East Asia and the Middle East.

India’s general insurance market is expected to grow at a compound annual growth rate (CAGR) of 6.2% during2019-2023.

As the RBI allows more features such as unlimited fund transfer between wallets and bank accounts, mobilewallets will become strong players in the financial ecosystem.

India's mobile wallet industry is estimated to grow at a CAGR of 148% to reach US$ 4.4 billion by 2022.

NBFCs have served the non-banking customers by pioneering into retail asset-backed lending, lending againstsecurities and microfinance. NBFCs aspire to emerge as a one-stop shop for all financial services.

On August 05, 2020, Wiserfunding, the UK-based fintech firm, entered Indian market and will tie-up with banksand NBFCs to provide credit risk assessment solutions for targeted lending to Small and Medium Enterprises(SMEs) sector.

Insurance sector

Mobile wallets

NBFCs

Indian companies are strengthening their footprint on foreign shores, enhancing geographical exposure. India'sdigital payment is estimated to increase to US$ 1 trillion by 2023.

On November 6, 2020, WhatsApp started its UPI payment services in India on receiving the National PaymentsCorporation of India (NPCI) approval to ‘Go Live’ on UPI in a graded manner.

In October 2020, Unified Payments Interface (UPI) recorded 2.07 billion transactions worth Rs. 3.86 lakh crore(US$ 52.10 billion).

India ranked 28 out of the 73 countries in adoption of E-payments by the Government in 2018.

Digital transactions


STRATEGIES ADOPTED

Source: Ministry of External Affairs, RBI, EY Annual Report 2018, PE Roundup - 1H2018 & Jun’18 report by EY, NBFC, Online Financial Services, Payment Solutions.

Indian companies are strengthening their footprint on foreign shores, enhancing geographical exposure.

In August 2020, the National Payments Corporation of India (NPCI) has launched an international arm—NPCIInternational Payments (NIPL). The primary aim of NIPL will be to take its indigenously developed digital paymentproducts such as RuPay and UPI to a global level.

In the insurance industry, several new and existing players have introduced innovative insurance-based products,value add-ons and services. Few foreign companies have also entered the domain, including Tokio Marine, Aviva,Allianz, Lombard General, AMP, New York Life, Standard Life AIG and Sun Life.

HDFC Capital Advisors Ltd has raised US$ 550 million for its second affordable housing fund, HDFC CapitalAffordable Real Estate Fund-2 (H-CARE-2), which will invest in affordable and mid-income and residentialprojects in 15 cities across India.

Innovation

Merger and Acquisition (M&A)

The explosion of mobile phones, uptake of technologies such as cloud computing and rising pace of convergenceand interconnectivity have led companies in the financial services industry to ramp up investment in informationtechnology (IT) to better serve their end-customers.

Stepped up IT expenditure

Expanding geographical presence

In March 2020, ClearTax, an online tax filing platform, acquired GST software and services business of KarvyData Management Services for an undisclosed amount.

In April 2020, Axis Bank acquired an additional 29% stake in Max Life Insurance.

In August 2020, PAG agreed to acquire 51% of the wealth management and capital markets business ofEdelweiss Financial Services for Rs. 2,244 crore (US$305.2 million)

In September 2020, People's Bank of China made an equity investment in Bajaj Finance to acquire less than 1%.

Financial Services

GROWTH DRIVERS AND OPPORTUNITIES


GROWTH DRIVERS IN FINANCIAL SECTOR

Source: NSE, News articles, Microfinance Institution Network, Boston Consulting Group (BCG), News Article

On November 11, 2020, the Cabinet Committee on Economic Affairs approved continuation and revamping

of the scheme for financial support to public-private partnerships (PPPs) in ‘Infrastructure Viability Gap

Funding (VGF) Scheme’ until 2024-25 with a total outlay of Rs. 8,100 crore (US$ 1.08 billion).

In June 2020, Minister for Finance and Corporate Affairs, Ms Nirmala Sitharaman formally launched the

facility for instant allotment of PAN (on near to real time basis) through Aadhaar based e-KYC.

In July 2020, Minister for Micro, Small and Medium Enterprise (MSMEs), Mr Nitin Gadkari launched

www.restartindia.in, a mentoring platform primarily aimed at aiding MSMEs to restart businesses across the

country.

Government initiatives

Financial sector growth can be attributed to rise in equity markets and improvement in corporate earnings.

By 2022, India’s personal wealth is forecast to reach US$ 5 trillion at a CAGR of 13%. It stood at US$ 3

trillion in 2017.

Shift to financial asset class

In 2019, foreign portfolio investors (FPIs) investment in Indian equities touched a five-year high of Rs.

101,122 crore (US$ 14.47 billion).

Investment by FPIs in India’s capital market reached a net Rs. 12.52 lakh crore (US$ 177.73 billion) between

FY02-21 (till August 10, 2020).

Others

Note: IT - Information and Technology


GROSS NATIONAL SAVINGS TO CONTINUE GROWING AT A HEALTHY PACE

Gross National Savings as percentage of GDP was ~28% in 2019,compared with 30% in the previous year.

In FY16-FY19, gross national saving witnessed a CAGR of -2.71%.

The contribution by small savings schemes such as Senior CitizenSavings Scheme (SCSS), 15-Year Public Provident Fund (PPF),National Savings Certificate and Sukanya Samriddhi is major ingross national saving income.

Visakhapatnam port traffic (million tonnes)Gross national savings as % of GDP

Source: World Bank, Reserve Bank of IndiaNote: F - Forecast, Deloitte Center for Financial Services

32.7 32.9

32.1

31.4

30.6 30.4 30.2

29.6

28.0

25

26

27

28

29

30

31

32

33

34

2011 2012 2013 2014 2015 2016 2017 2018 2019

CARC -2.71%


CONTINUED GROWTH IN EQUITIES AND INNOVATIVE PRODUCTS

Turnover for derivatives segment (US$ trillion) (up to July 2020)

Source: National Stock Exchange, Venture Intelligence Karvy India Wealth Report 2017, Private Equity Deal Tracker report by EY

1,80

8

1,81

7

1,93

1

1,93

1

1,94

2

0

500

1,000

1,500

2,000

FY16

FY17

FY18

FY19

FY20

10.2514.75

25.60

33.99

49.41

19.27

0.00

10.00

20.00

30.00

40.00

50.00

60.00

FY16 FY17 FY18 FY19 FY20 FY21

The Indian equity market is expanding in terms of listed companies and market capitalization, widening the playing field for brokerage firms.Sophisticated products segment is growing rapidly, reflected in the steep rise in growth of derivatives trading.

With the increasing retail penetration, there is an immense potential to tap the untapped market. Growing financial awareness is expected toincrease the fraction of population participating in this market.

Total wealth held by individuals in unlisted equities is projected to grow at a CAGR of 19.54% to reach Rs. 17.64 lakh crore (US$ 273.69 billion) byFY22.

Total value of Private Equity (PE)/ Venture Capital (VC) investment grew 44% over the past three years in value terms to reach US$ 48 billion in2019. VC investments grew to US$ 3.6 billion in July-September 2020 from US$ 1.5 billion in the previous quarter, powered by the mega deals,which included the US$ 1.3 billion raised by the online retailer—Flipkart.

Total number of companies listed on NSE at end of May 2019 was 1,942. Turnover from derivatives segment reached Rs. 3,453.9 lakh crore (US$ 49.41 trillion) in FY20 and stood at US$ 19.27 trillion in FY21 (till July

2020).

Number of listed companies - NSE


RISING SCOPE FOR WEALTH MANAGEMENT

Source: News Articles, Knight Frank Report

India is one of the fastest growing wealth management markets in the world.

According to Knight Frank report, India saw the largest growth in the number of ultra net worth individuals in 2019.

The number of ultra-HNWI in India will grow 73% from 5,986 in 2019 to 10,354 by 2024.

The regulatory environment for fiduciary duties in wealth management is evolving. Players will benefit greatlyfrom quickly adopting new investor protection measures.Investor protection

Brand building coupled with partnership based model will improve the advisory penetration. Greater focus ontransparency will speed up the process.Brand building

Investment in required technologies, imbibing state-of-the-art best practices of advisory and creatingcustomised and innovative products will enable growth.Innovation


INSURANCE TO BENEFIT FROM WIDENING REACH ACROSS SEGMENTS

It is targeted at rural segment, addressingabout two-thirds of Indian population.

The policy incentives acts as drivers forthe growth of micro-insurance sector.

Passenger car sales in the country stoodat 2.77 million units in FY20.

Increasing number of insuranceregistered for passenger cars and forconstruction activities will rise with India’sinfrastructure growth plans.

Only 1% population covered currently,suggesting that the vast market is yet tobe tapped. Health insurance accounts for1.2% of the total healthcare spend

Demand for agricultural and livestockinsurance growing on the back of risingawareness among rural population.

Insurance

Note: F - Forecasts, E -Estimated, Deloitte Center for Financial Services


HUGE UNTAPPED POTENTIAL AT THE ‘BOTTOM OF THE PYRAMID

Source: TechSci ResearchNote: MFI - Micro Finance Institutions; NGO - Non Governmental Organisation; SHG - Self Help Groups

Two-thirds of India’s population lives in rural areas where financial services have made few inroads so far. Rural India, however, has seen steadyrise in incomes creating an increasingly significant market for financial services.

There are several standalone networks of SHG, NGO’s and MFI’s in different parts of rural India. Cross-utilisation of these channels can facilitatefaster penetration of a wider suite of financial services in rural India.

Increasing use of technology to reach rural India is the paradigm-shifting enabler. Internet kiosk-based channels are expected to become thebridge that connects rural India to financial services.

Rural credit segment is a large market, which can be tapped by ensuring timely loans that are critical for theagricultural sector.

Self Help Groups and NGOs are useful vehicles to make inroads into rural India.Credit

Safe investment options have a potential to tap into rural household savings.

Some private players are producing innovative products like third party money market mutual funds to caterto rural investment needs.

Investment

Agricultural, livestock and weather insurance are potentially large markets in rural India.

Harnessing existing networks of MFIs and NGOs can speed up the process.

Market size to reach US$ 280 billion by 2020.

Insurance


FAVOURABLE POLICY MEASURES AND GOVERNMENT INITIATIVES…(1/2)

Source: Dun and Bradstreet., Media articles

Under Union Budget 2019-20, the Government allocated Rs. 2,455.90 crore (US$ 340.39 million) towardssupporting financial institutions.

In Union Budget 2020-21, Rs. 11,125 crore (US$ 1.59 billion) ahs been allocated to Department of FinancialServices.

Budgetary measures

Note: QFI - Qualified Foreign Investors

The Goods and Services Tax (GST) on financial services transactions like banking transactions, mutual funds,insurance and stock market has been increased from the current 15% to 18%.

The Government of India is planning to introduce a two% point discount in GST on business-to-consumer (B2C)transactions made via digital payments.

Under the Interest Subvention Scheme for MSMEs, Rs. 350 crore (US$ 50.07 million) was allocated under UnionBudget FY2019-20 for 2% interest subvention for all GST registered MSMEs on fresh or incremental loans.

Government has already moved GST council to lower the GST rate on electric vehicles (EVs) from 12% to 5%.

Goods and Services Tax (GST)

In April 2018, the Government issued minimum FDI capital requirement of US$ 20 million for unregistered/exempt financial entities engaged in ‘fund-based activities’ and threshold of US$ 2 million for unregisteredfinancial entities engaged in ‘non-fund based activities’.

As per Union budget 2019-20, 100% Foreign Direct Investment (FDI) was permitted for insurance intermediaries.

FDI requirement for fund based and non fund based financial

entities


FAVOURABLE POLICY MEASURES AND GOVERNMENT INITIATIVES…(2/2)

In November 2018, NSE launched a new mobile application and web-based platform, NSE goBID, for retailinvestors to invest in Government securities.

In November 2018, BSE enabled offering live status of applications filed by listed companies on its online portal.

BSE introduced weekly futures and options contracts on Sensex 50 index from October 26, 2018.

The Government had plans to launch a global exchange traded fund (ETF) in FY20 to raise long term investmentfrom overseas pension funds.

BSE and NSE attained permission from SEBI to launch commodity derivatives trading from October 1, 2018.

In August 2020, the IRDAI modified its dividend criteria for investment—in which insurers are now permitted toclassify investments in preference and equity shares as part of "approved investments“, if such shares have paiddividend for at least two out of three consecutive years immediately preceding. This relaxation is valid from April1, 2020 to March 31, 2021.

Other initiatives

Insurance products are covered under the EEE (exempt, exempt, exempt) method of taxation. This translates toan effective tax benefit of approximately 30% on select investments (including life insurance premiums) everyfinancial year.

Reduction in securities transaction tax from 0.125% to 0.1% on cash delivery transactions and from 0.017% to0.1% on equity futures.

Indian tax authorities plan to sign bilateral advance pricing agreement with a number of companies in Japan. Theagreement is aimed at avoiding conflicts with multinational companies over sharing of taxes between India andthe countries where these firms are based.

Tax incentives

Source: Media articles

Financial Services

KEY INDUSTRY ORGANISATIONS


KEY INDUSTRY ORGANISATIONS

Maker Bhavan No 1, 4th Floor,Sir V T Marg, Mumbai - 400 020IndiaPhone: 91 11 22846544 E-mail: [email protected]

Insurance Brokers Association of India (IBAI)

One Indiabulls Centre,Tower 2, Wing B, 701, 841 Senapati Bapat Marg,Elphinstone Road, Mumbai - 400 013 IndiaPhone: 91 11 24210093 / 24210383 Fax: 91 11 43346712 E-mail: [email protected]

Association of Mutual Funds in India (AMFI)

222, Ashoka Shopping Centre,II Floor, L T Road, Near G T HospitalMumbai - 400 001 IndiaPhone: 91 11 2267 5500 Fax: 91 11 2267 5600 E-mail: [email protected]

Finance Industry Development Council (FIDC)

Financial Services

USEFUL INFORMATION


GLOSSARY

AUM: Assets Under Management

CAGR: Compound Annual Growth Rate

FII’s: Foreign Institutional Investors

GDP: Gross Domestic Product

HCV: Heavy Commercial Vehicle

HNWIs: High-Net-Worth Individuals

IRDAI: Insurance Regulatory and Development Authority of India

LIC: Life Insurance Corporation

NBFCs: Non Banking Financial Company

NSE: National Stock Exchange

BSE: Bombay Stock Exchange

RBI: Reserve Bank of India

SEBI: Securities and Exchange Board of India

US$ : US Dollar


EXCHANGE RATES

Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)

Year Rs. Equivalent of one US$

2004-05 44.95

2005-06 44.28

2006-07 45.29

2007-08 40.24

2008-09 45.91

2009-10 47.42

2010-11 45.58

2011-12 47.95

2012-13 54.45

2013-14 60.50

2014-15 61.15

2015-16 65.46

2016-17 67.09

2017-18 64.45

2018-19 69.89

2019-20 70.49

Year Rs. Equivalent of one US$

2005 44.11

2006 45.33

2007 41.29

2008 43.42

2009 48.35

2010 45.74

2011 46.67

2012 53.49

2013 58.63

2014 61.03

2015 64.15

2016 67.21

2017 65.12

2018 68.36

2019 69.89

Source: Reserve Bank of India, Average for the year


DISCLAIMER

India Brand Equity Foundation (IBEF) engaged Sutherland Global Services private Limited to prepare/update this presentation.

All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF, delivered during the course ofengagement under the Professional Service Agreement signed by the Parties. The same may not be reproduced, wholly or in part in any materialform (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of thispresentation), modified or in any manner communicated to any third party except with the written approval of IBEF.

This presentation is for information purposes only. While due care has been taken during the compilation of this presentation to ensure that theinformation is accurate to the best of Sutherland Global Services’ Private Limited and IBEF’s knowledge and belief, the content is not to be construedin any manner whatsoever as a substitute for professional advice.

Sutherland Global Services Private Limited and IBEF neither recommend nor endorse any specific products or services that may have beenmentioned in this presentation and nor do they assume any liability, damages or responsibility for the outcome of decisions taken as a result of anyreliance placed on this presentation.

Neither Sutherland Global Services Private Limited nor IBEF shall be liable for any special, direct, indirect or consequential damages that may arisedue to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.

Documents

FINANCIAL SERVICES - Business Opportunities in India